Warning retail job cuts ‘inevitable’ after NI tax rise in Budget

Published On Nov 18, 2024, 7:24 PM

Retailers in the UK, including major names like Tesco and Amazon, are warning that job losses and rising prices are inevitable due to recent tax increases in the Budget. They argue that a combination of increased National Insurance Contributions and a rise in the minimum wage will lead to substantial costs, particularly affecting profit margins in the retail sector. Concerns also extend to potential shop closures as businesses struggle with the financial burden. The British Retail Consortium warns that these changes will exacerbate inflation and constrain job creation, especially for entry-level positions.